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OCLF helps people in the Ottawa area obtain small loans for
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The OCLF’s Training Loans Are Now Open to Everyone!
Two years ago, the OCLF started its ITTFI (Internationally Trained Talent Finance Initiative) program to assist new Canadians with their accreditations. The success of these loans, led to the United Way naming us as one of their 2006 Community Builders of the Year.
Now the OCLF is expanding its loan criteria so that all Ottawa residents, not just new comers, can have access to training. Payments will be interest only until 3 months after the completion of the program, unless employment is found first. These loans are meant to help students cover the cost of tuition; books; tools; uniforms etc., which may not be fully covered by other assistance programs.
The eligible recipient will:
- Be referred by an OCLF training/referral partner
- Have already been accepted into the program
- Be enrolled in a program that leads to direct employment
- Be 18+ years of age
- Be an Ottawa area resident
- Have permanent legal status in Canada
- If applicable, be discharged from bankruptcy
The OCLF & Alterna Savings – Bigger, Better & Committed to Helping Small Business
Well it is official! We can now confirm that the OCLF has entered into a major partnership with Alterna Savings. What will this mean for our borrowers? Well for starters, it gives them access to Ontario’s second largest credit union, who has already committed over $1,000,000 towards its micro loans programs.
How will the partnership work?
Alterna will now be responsible for:
- Initial due diligence for small business loans (application, review, interview, preparation for loan review committee evaluation report)
- Funding Community Micro Loan Coordinator position
- General program information; receipt of loan applications
- If loan approved, dispersement/administration/ collection
- 20% guarantee of the loan
OCLF will be responsible for:
- Loan review committee recommendation
- 80% guarantee of the loan
- Marketing of program to community
- Development of new community investment products
- CYBF due diligence and loan recommendations
We would also like to introduce you to Rhea Harvey, Alterna’s new Community Micro Loan Coordinator for the Ottawa region. Rhea, comes to us with over 7 years experience in the financial services industry and will now serve as the primary point of contact, in charge of all initial due diligence, for all of our small business loans. She can be reached at 613-560-0100 ext. 6941 or by email at Rhea.Harvey@alterna.ca.
If
you would like
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OCLF loan eligibility
information can be found here.
Youth loan information can be found
here.
Download a loan application.
Download an OCLF brochure.
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Summer 2007
